March 27, 2017 / 3:51 PM / 4 months ago

Italian state fund lends 60 million euros to food firm Granarolo for M&A

1 Min Read

MILAN (Reuters) - Italian state lender Cassa Depositi e Prestiti (CDP) said on Monday it had bought 60 million euros ($65 million) of bonds issued by dairy company Granarolo to support its expansion through acquisitions.

Unlisted Granarolo, well-know in Italy for its milk, cheese and baby food, recently announced it would buy a 60 percent stake in Brazil's food importer and distributor Allfood.

According to its business plan, Granarolo is looking at further acquisitions to double the percentage of sales abroad to 40 percent of total turnover by 2019.

"North America and Asia are our main markets," Granarolo CEO Gianpiero Calzolari said in a statement issued by CDP.

In these regions the group plans to offer consumers a range of "Made in Italy" products, as well as goods specifically aimed at these markets, Calzolari said.

Revenue at Bologna-based Granarolo rose 9.5 percent year-on-year in 2016 to 1.18 million euros, the company said.

($1 = 0.9180 euros)

Reporting by Francesca Landini; editing by David Clarke

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